We all know the common phrase “keep your friends close and your enemies closer.” So shouldn’t your competitors be lumped in with that too? Knowing who you’re competing against and what they are offering can give you a leg up and will allow you to be prepared for any answer new customers may have and it’s a great way to get new ideas. So if you aren’t already doing so, here’s why you should be thoroughly researching your competitors:
Decide The Competitors to Research
Before you begin your research, you’ll want to know who you should be researching. Of course, you’ll want to keep a close eye on your local competitors but don’t limit yourself to size. Whether big or small, you can learn a lot from them. Besides, if they are dealing with a much larger customer base, they must be doing something right.
Learn From Other’s Mistakes
You’ll want to know what your competitor is selling and how. Keep an eye out for their marketing and for any changes that they might have done in the last few months. Check out their social pages and do a google search. Reading their reviews, seeing their branding and their customer base can show you their strengths and weaknesses. Knowing what isn’t and is working for them will give you some idea of where your marketing should go.
Offers You Insight into Market Trends
Keeping an eye on your competitor will keep you ahead of the marketing trends. If you notice your competition has changed up their marketing, started slashing prices or began offering their clients new services chances are there’s a reason for it. Companies do some research before altering their strategy, so if you notice a significant change, it came for a good cause, and you might want to do some research to back it up.
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